Internal Revenue Service

The Internal Revenue Service History

Many people assume that the Internal Revenue Service has been around forever. Our country has always collected taxes, and so it seems to follow that we’ve always had some type of enforcement agency. But this isn’t the case. In fact, surprising though it may be, the IRS is just a bit over 100 years old. And […]

Vermont State Budget

Vermont State Budget Lessons

In contrast to many other states in the nation, the Vermont state budget for fiscal year 2020 appears to be relatively healthy. What’s more, unlike most budget plans, Vermont’s budget was unaccompanied by rancorous partisan squabbling. That, in and of itself, is especially welcome news in today’s day and age. According to the state fiscal rankings provided by the Mercatus Center […]

NY Co-Op Sales & Taxes

NY Co-Op Sales & Taxes

New York “co-op” apartments are unique to the State of New York. When a person owns a co-op apartment, they own a share of a “corporation,” which is the apartment complex itself. But, at the same time, the owner of the co-op also owns a piece of real estate. That is, at least from a […]

Tech Taxes

The Debate Over Tech Taxes

The growth of digital services has resulted in a huge boost to national economies around the globe. What’s more, the expansion of digital services has meant that a great many people have access to a wide range of entertainment and leisure activities. The rise of digital companies has also presented a set of new problems […]

State Cannabis Taxation

State Cannabis Taxation Rules

Lately, we’ve talked quite a bit about legalized marijuana taxes. We’ve talked about Section 280E, for instance, and the tax issues raised by this important tax code section. We’ve also talked about the debate currently taking place in New York regarding the legalization of recreational cannabis. Today, we will continue to discuss this critical topic […]

Cannabis ordinary business expenses

Cannabis Ordinary Business Expenses

The recreational cannabis industry is taking off in many states in the U.S. At present, ten states and the District of Columbia have already legalized recreational marijuana. As we discussed in a recent post, the State of New York may soon join the ranks and legalize recreational weed. If it does, New York’s cannabis retailers […]

Vaping Taxes

Vaping Taxes & Smoking

We’ve talked about taxes on tobacco and cigarettes before on our blog. Taxes on tobacco and nicotine products have gained attention in the media recently following the release of a new study on the effect of a Minnesota tax on vaping products. The implications of this study are quite controversial; they may suggest that heavy […]

Estimated Quarterly Taxes

Understanding Estimated Quarterly Taxes

In our post on Form 1099, we alluded to the estimated quarterly tax system. Not all Americans pay taxes on an annual tax payment schedule. Not all Americans have only a single due date – April 15th – to keep in mind regarding their tax bill. Some Americans, especially freelancers and independent contractors, have multiple tax deadlines to […]

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